The Government today (February 23) gazetted the Property Management Services Ordinance (Commencement) Notice 2018 (Commencement Notice) and the Property Management Services (Levy) Regulation (Levy Regulation), which seek to enable the Property Management Services Authority (PMSA) to collect a levy from the transferee of a property transaction starting from July 1, 2018.
The PSMA is a statutory body established under the Property Management Services Ordinance (Cap. 626) (PMSO) to, among others, regulate the provision of property management services by companies and practitioners in Hong Kong and promote the integrity, competence and professionalism of the property management profession.
The PMSA is a self-financing statutory body supported by income generated from the licensing of property management companies and practitioners as well as levies collected on conveyance on sales chargeable with stamp duty.
“The PMSA is empowered under the PMSO to collect a levy on each conveyance on sale chargeable with stamp duty from the transferee,” a spokesman for the Home Affairs Bureau said. “To enable the PMSA to recover its expenditure through a stable source of income and to attain financial sustainability, the amount of levy is set at a fixed amount of $350 for each leviable instrument.”
Pursuant to the PMSO, a leviable instrument is a conveyance on sale chargeable with stamp duty under head 1(1) in the First Schedule to the Stamp Duty Ordinance (Cap. 117), and a transferee refers to the person to whom the immovable property concerned is transferred, or in whom the immovable property concerned is vested under the leviable instrument.
“The PMSA will collect the levy through the Stamp Office of the Inland Revenue Department (IRD) when a conveyance on sale, for which a levy is payable, is submitted to the IRD for stamping,” the spokesman added.
The Commencement Notice and the Levy Regulation will be tabled at the Legislative Council for negative vetting on February 28. Subject to its passage, the PMSA will start collecting levy on July 1.
Ends/Friday, February 23, 2018
Issued at HKT 12:45